Trading software

Friday, February 22, 2013

Standard and Poor's 500 Index chart, Friday's bets

Thursday's S&P500 gap trade proved to be a rollercoaster and it's still open as I type this at 2.45am on Thursday night/Friday morning.

I've drawn on the chart to illustrate:

The middle horizontal line is the price I bought at (1502.3)
The top horizontal line is where I hope to exit my trade and take my profit (1507.4)
The bottom horizontal line is where my stop-loss is placed which will get me out for a loss if it goes wrong (1494.6).

You can see where I bought at point A around 11.30am. Things were going quite well and the price started to rise. At point B, (around 2pm) I was already counting my money and was sure it would reach my target. But then, it quickly reversed and by about 7pm (point C) it was almost hitting my stop loss. At that stage, I thought the game was up but it has since rallied and now stands at around 1506 (point D).

I'm absolutely knackered as I've been writing horseracing articles since 8am and it's now heading for three in the morning but I hope I wake up in the morning to find some profit. Some people think I have an easy life but 19 hour days are very tough on the mind and punting has got to be one of the hardest ways to make an easy living. A few hours of sleep then it's back to the grind.

In the racing, Tetlami turned out to be a nice winner at 2.32 on Betfair. I've one bet for Friday on the favourites strategy and it should be a decent price- here's Timeform's comment:3.50 Warwick - Problema Tic
Progressed well over fences last term, winning 3 times. Going well when
coming to grief in Becher Chase in December, and very much of interest
if that hasn't left a mark.

About Me

WAYNE Bailey was born in Dublin where he still lives with daughter. A librarian by profession, Wayne has always had a passion for betting and trading and has spent various periods throughout his life as a professional gambler. In 2007, he graduated from University College Dublin with a degree in social science and information studies and four years later, he completed a diploma in financial trading from the Irish Institute of Financial Trading. More recently, he studied psychology and the behaviour of the human mind. Wayne is a regular contributor to various newspapers and websites in the UK and Ireland, and he currently pens the Betting Ring column which enjoys a large dedicated following every Saturday in Ireland’s largest selling newspaper The Irish Independent. Wayne's book 'Sports Trading on Betfair' was published in 2014. Email: waynebaileyracing@gmail.com